In these Regulations—

• “clearing participant” means a member of either (a) CC&G who as such is permitted by the Rules of CC&G or (b) EMCF who as such is permitted by the Rules of EMCF, to clear transactions made on the Facility for a traded security and who may or may not also be a participant in the Facility;

• “client” means a person who gives instructions to a non-clearing firm for traded securities to be sold on the Facility;

• “CC&G” means Cassa di Compensazione e Garanzia S.p.A., a company which is a recognised clearing house under the Financial Services and Markets Act 20002;

• “EMCF” means European Multilateral Clearing Facility NV, a company which is a recognised clearing house under the Financial Services and Markets Act 2000;

• “the Facility” means the multilateral trading facility operated by Baikal Global Limited, a company which is permitted to operate a multilateral trading facility for the purposes of Part IV of the Financial Services and Markets Act 2000;

• “nominee” means a person whose business is or includes holding traded securities as a nominee for either CC&G or EMCF acting in their capacity as a person providing clearing services in connection with a transaction made on the Facility, or as a nominee for a clearing participant (as the case may be);

• “non-clearing firm” means a participant in the Facility other than a clearing participant; and

• “traded securities” means stocks and shares which are issued or raised by a company but does not include stocks and shares issued by a company not incorporated in the United Kingdom unless—

  1. a

     the stocks and shares are registered in a register kept in the United Kingdom by or on behalf of the company; or

  2. b

     in the case of shares, they are paired, within the meaning of section 99(6A) of the Finance Act 19863, with shares issued by a company incorporated in the United Kingdom.